Buying vs. Renting

Though we don’t have official orders in our hands yet, Jamie and I are already starting to think through the logistics of our big move to Kansas at the end of August. Scheduling the packers and movers will come at the end of next month, so for now our thoughts are consumed by what physical address we will call home next.

We’re back to the drawing board and weighing the pros and cons of buying, renting, and living on post. Though we’ve only been doing this army thing for four years, we’ve already had a variety of housing experiences. We haven’t lived on post, but we have purchased a home (TN), are currently renting out that home, and are also currently renting a town home (AZ). Thankfully, all three of these experiences have been really pleasant.

Jamie is going to fill out an application today to live on post just in case we come up empty with a nice place to live, but we’re leaning more towards living off-post.

Care to take a stroll through my brain as I attempt to sort through the jumbled mess up there?

Renting

Pros –

• don’t have to pay to fix potential repairs
• leaving KS will be much easier (give notice, present orders, pack up and go!)
• that last bullet is such a huge pro that it’s worth listing again!

Cons –

• any updates to paint, landscaping, etc. come out of our pocket and increase the value of a home that we don’t own
• decent Manhattan (KS) rentals are extremely hard to find due to a growing post and large university (Kansas State)
• many are not cared for my previous renters, so the conditions are less than desirable
• pay lots of rent money over the course of several years and gain zero home equity
• higher monthly payments for what we get

Buying

Pros –

• variety of many, many beautiful options
• any money we spend on the house increases the value, which is money back in our pockets in the future (especially in Manhattan’s fabulous market!)
• lower monthly payments for what we get
• gaining equity every month
• potential to make money on the home if owned long enough
• potential investment property (!!!!)

Cons –

• lengthy process
• monthly/yearly expenses would include termite plan, lawn care services (trugreen, chemlawn, etc), potential security system
• responsible for repairs and necessary upgrades to sell
• leaving KS in a few years will be more time consuming (setting up to sell or rent)

BOTH PRO AND A CON –

• We will sell our home in Tennessee so that we don’t have two mortgages. Pro – equity money Con – the hassle

I belong to a couple “army wives/USMA wives” groups on facebook (don’t judge – they are so helpful), and discussions of buying vs. renting are frequent. I’m always interested in reading about others’ past and current experiences because many are very pro-buying and many are also very against buying and for renting or living on post.

Right now we’re looking for a home (to either rent or purchase) that is –

• conveniently located to post for Jamie and Target for me (kidding… kind of)
• is move-in ready (putting new blinds on a new development or a little bit of paint on a previously lived-in home are about our limits
• has space for out-of-town guests (where there’s room, they will come!)
• big kitchen!
• two+ car garage
• a cul-de-sac would be awesome
• is roomy and inviting enough to frequently entertain (there are few things we love more than having friends over to hang)

Jenn & Josh are going to look at a house for us this morning, and I’m so excited! Jennifer cracked me up yesterday because I sent her a facebook link to a house that I told her I’m bananas over, and 10 minutes later she was texting me pictures of the exterior. They literally got my message, looked up the address, and hopped in the car to see it. She’s fab!

If you feel strongly about renting or buying, I’d love to hear from you. Tell me why!